Detectives from the Hyderabad Cyber Crime Police have arrested three Maharashtra residents for orchestrating a fake trading advisory scam, defrauding a Hyderabad-based victim of Rs44.04 lakh.
The accused have been identified as Milind Manohar Narkar (34), Ranak Jagadish Patel (31), and Salik Imtiyaz Ahmed Siddiqui (25). According to police, the trio posed as investment advisors from a fictitious firm named Aveshta Study Group-W and lured victims by promising high returns on investments.
The victim filed a complaint on June 30, stating that he had been contacted via phone by the suspects, who posed as professional trading advisors. Using forged electronic documents and multiple bank accounts, they convinced the victim to invest, assuring massive profits.
When the victim attempted to withdraw his supposed earnings, the fraudsters demanded a 20% “service charge” upfront. After complying, he realized he had been defrauded of Rs44.04 lakh.
DCP Dara Kavitha of the Cyber Crime Division stated that the accused were working with a Dubai-based cybercriminal. Milind Narkar allegedly played a key role by helping convert stolen funds into cryptocurrency. He also managed hotel accommodations for account holders and operated fraudulent bank accounts across multiple Indian states.
The investigation further revealed that the scam has links to cyber fraud operations across seven states in India, with cryptocurrency exchanges being a major component.
Cyber Crime Police are urging the public to stay alert to fake trading schemes and never trust unsolicited investment advice, especially those involving high returns and upfront fees.
